KOTAYK: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
KOTAYK
Largest movements
- Stocks and contracts +€359,778
up €359,778 (+39.0%), from €922,037 to €1.3m
- Tangible fixed assets +€130,130
up €130,130 (+18,848%), from €690 to €130,820
of which Land and buildings: +€130,820
- Cash +€84,153
up €84,153 (+419%), from €20,101 to €104,253
mainly Current portion of long-term debt (+€300,009) and Debts after one year (+€109,123)
- Current portion of long-term debt +€300,009
up €300,009 (+53.0%), from €566,421 to €866,430
- Debts after one year +€109,123
new in 2025: €109,123
- Reserves +€103,424
up €103,424 (+32.2%), from €321,474 to €424,898
- Trade debts +€50,787
up €50,787 (+803%), from €6,325 to €57,112
- Gross operating margin +€30,253
up €30,253 (+16.9%), from €178,671 to €208,924
- Financial charges +€11,141
up €11,141 (+30.0%), from €37,141 to €48,282
- Taxes +€9,353
up €9,353 (+25.2%), from €37,049 to €46,402
- Other operating charges +€5,143
up €5,143 (+140%), from €3,674 to €8,818
- Depreciation -€2,810
down €2,810 (-80.3%), from €3,500 to €690
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €942,828 | €1,516,888 | +€574,060 | +60.9% |
| Fixed assets | 21/28 | €690 | €130,820 | +€130,130 | +18,848% |
| Tangible fixed assets | 22/27 | €690 | €130,820 | +€130,130 | +18,848% |
| Land and buildings | 22 | - | €130,820 | +€130,820 | |
| Furniture and vehicles | 24 | €690 | - | -€690 | |
| Current assets | 29/58 | €942,138 | €1,386,068 | +€443,930 | +47.1% |
| Stocks and contracts in progress | 3 | €922,037 | €1,281,815 | +€359,778 | +39.0% |
| Stocks | 30/36 | €922,037 | €1,281,815 | +€359,778 | +39.0% |
| Cash at bank and in hand | 54/58 | €20,101 | €104,253 | +€84,153 | +419% |
| Total equity and liabilities | 10/49 | €942,828 | €1,516,888 | +€574,060 | +60.9% |
| Equity | 10/15 | €331,474 | €434,898 | +€103,424 | +31.2% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €321,474 | €424,898 | +€103,424 | +32.2% |
| Distributable reserves | 133 | €321,474 | €424,898 | +€103,424 | +32.2% |
| Amounts payable | 17/49 | €611,354 | €1,081,990 | +€470,636 | +77.0% |
| Amounts payable after more than one year | 17 | - | €109,123 | +€109,123 | |
| Financial debts | 170/4 | - | €109,123 | +€109,123 | |
| Amounts payable within one year | 42/48 | €611,354 | €972,397 | +€361,043 | +59.1% |
| Current portion of amounts payable after more than one year | 42 | €566,421 | €866,430 | +€300,009 | +53.0% |
| Financial debts | 43 | - | €2,169 | +€2,169 | |
| Credit institutions | 430/8 | - | €2,169 | +€2,169 | |
| Trade debts | 44 | €6,325 | €57,112 | +€50,787 | +803% |
| Suppliers | 440/4 | €6,325 | €57,112 | +€50,787 | +803% |
| Taxes, remuneration and social security | 45 | €37,049 | €46,402 | +€9,353 | +25.2% |
| Taxes | 450/3 | €37,049 | €46,402 | +€9,353 | +25.2% |
| Other amounts payable | 47/48 | €1,559 | €285 | -€1,275 | -81.7% |
| Accrued charges and deferred income | 492/3 | - | €470 | +€470 | |
| Remuneration, social security and pensions | 62 | - | €1,309 | +€1,309 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,500 | €690 | -€2,810 | -80.3% |
| Other operating charges | 640/8 | €3,674 | €8,818 | +€5,143 | +140% |
| Gross operating margin | 9900 | €178,671 | €208,924 | +€30,253 | +16.9% |
| Operating profit (loss) | 9901 | €171,497 | €198,107 | +€26,610 | +15.5% |
| Financial income | 75/76B | €2 | €1 | -€1 | -57.5% |
| Recurring financial income | 75 | €2 | €1 | -€1 | -57.5% |
| Financial charges | 65/66B | €37,141 | €48,282 | +€11,141 | +30.0% |
| Recurring financial charges | 65 | €37,141 | €48,282 | +€11,141 | +30.0% |
| Profit (loss) for the period before taxes | 9903 | €134,357 | €149,826 | +€15,469 | +11.5% |
| Income taxes | 67/77 | €37,049 | €46,402 | +€9,353 | +25.2% |
| Profit (loss) for the period | 9904 | €97,309 | €103,424 | +€6,115 | +6.3% |
| Profit (loss) for the period to be appropriated | 9905 | €97,309 | €103,424 | +€6,115 | +6.3% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.